Proceedings of the 22nd International Academic Conference, Lisbon

SELECTED EXTERNAL SOURCES OF THE FINANCING OF DEVELOPMENT

MALGORZATA LEGOWIK- MALOLEPSZA, SYLWIA LEGOWIK-SWIACIK, SYLWIA KOWALSKA, MARCIN STĘPIEŃ

Abstract:

Small and medium enterprises play an important role in the development of the economy of Poland. They are characterized by rapid response capability with reference to market needs, creativity, flexibility and adaptive efficiency and relatively low costs of maintaining jobs. SMEs are usually prepared for the initial stage of functioning while referring to their own savings, the support of the family and friends. Difficulties in access to capital frequently occur at the subsequent stage of life of the company when it is essential for its further functioning and development. The problem does not only refer to new businesses. Experienced entrepreneurs, who think about further development or expansion, also complain about difficulties in financing. The access to external financing of Polish small and medium enterprises is dependent on many factors, among which the following should be listed: the size of the company, type of the conducted activity, its financial situation and its individual preferences and possibilities. The aim of the paper is the evaluation of the access to external sources of the financing of activities of the SME sector in Poland based on literature studies and the information resulting from the research carried out by the Confederation of Lewiatan in the framework of the project “Monitoring the condition of the MSME sector 2014”. In the included analysis, the attention has also been drawn to the availability of external sources, directions of their allocation and the achieved results or problems occurring while achieving relevant capital. Recognized the problem of the research work is valid and important because of the role played by SMEs in the development of the Polish economy.

Keywords: Sources of financing, credits, leasing, loads, EU funds, SMEs.

DOI: 10.20472/IAC.2016.022.033

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